VG Siddhartha raises stake in IT services firm MindTree

BANGALORE: VG Siddhartha, founder-owner of Cafe Coffee Day outlets has raised his stake in mid-sized IT services firm MindTree by 3.82%, a company filing on the Indian exchanges said today. With this, Siddhartha holds 21.56% stake in the Bangalore based company.

Siddhartha, who raised his stake from 17.72% to 21.56%, became the single largest shareholder in MindTree when he bought MindTree's former chairman Ashok Soota's 3.5 % stake through his venture capital firm, Global Technology Ventures and Coffee Day Resorts in January this year.

"I want to be a long term investor because I've been here for the last 13 years and I'll be here for the next 13 years," he told ET on the sidelines of press conference in January.

On Monday, Siddhartha bought shares in his individual capacity, not through his group entities Coffee Day Resorts and Global Technology Ventures, which holds 11.21% and 6.5% respectively.

In April, MindTree's decade old investor, Venture capital firm Walden International had sold almost half of its remaining 9.8% stake in the Bangalore based firm.

Shares of MindTree closed at Rs 610 a piece on the NSE, down 0.49 per cent from the previous close.